Goa Carbon Limited narrows September loss to Rs 99.65 lakh

Goa Carbon Limited reported a net loss of Rs 99.65 lakh for the quarter ended September 30, 2026, compared with a Rs 21.41 crore loss a year earlier, as net product sales rose to Rs 254.96 crore despite full-quarter shutdowns at its Goa and Bilaspur plants.

What did Goa Carbon report for the September 2026 quarter?

Goa Carbon reported a net loss after tax of Rs 99.65 lakh in the quarter ended September 30, 2026, narrowing from Rs 21.41 crore in the quarter ended September 30, 2025 and Rs 6.58 crore in the preceding June 2026 quarter. Loss before tax was also Rs 99.65 lakh because the company recorded no current or deferred tax charge in the latest quarter.

Net sales of products rose to Rs 254.96 crore from Rs 102.38 crore a year earlier and Rs 65.64 crore in the June 2026 quarter. Total income, including Rs 4.22 crore of other income, was Rs 259.23 crore, while total expenses were Rs 260.23 crore, resulting in the quarterly pre-tax loss.

Basic and diluted loss per equity share narrowed to Rs 1.09 from Rs 23.39 a year earlier and Rs 7.19 in the June quarter. Paid-up equity share capital remained Rs 9.15 crore at September 30, 2026, with a face value of Rs 10 per share.

How did plant shutdowns and costs affect the quarter?

Goa Carbon’s Goa and Bilaspur plants each remained under shutdown for 92 days during the September 2026 quarter for scheduled maintenance and operational optimisation, while the Paradeep plant had no shutdown days. The company reports one operating segment, the sale of calcined petroleum coke, under Indian Accounting Standard 108, or Ind AS 108.

The filing does not disclose plant-level production, sales volumes or revenue, so it does not quantify the individual financial effect of the two shutdowns. However, September-quarter product sales increased by Rs 152.58 crore year on year, from Rs 102.38 crore to Rs 254.96 crore, while the Paradeep plant continued operating through the period.

Cost of materials consumed rose to Rs 279.60 crore from Rs 44.55 crore a year earlier. This was partly offset by a Rs 51.30 crore reduction in finished-goods inventory in the September 2026 quarter, compared with a Rs 49.69 crore increase in finished-goods inventory in the corresponding quarter of 2025.

Which income and expense items changed year on year?

Goa Carbon’s total expenses increased to Rs 260.23 crore in the September 2026 quarter from Rs 119.23 crore a year earlier, while total income increased to Rs 259.23 crore from Rs 105.24 crore. The difference between income and expenses consequently narrowed to Rs 99.65 lakh from Rs 14.00 crore in the prior-year quarter.

Finance costs rose to Rs 10.25 crore from Rs 6.04 crore, and other expenses increased to Rs 15.31 crore from Rs 12.29 crore. Employee benefits expense declined to Rs 5.60 crore from Rs 5.83 crore, while depreciation and amortisation fell to Rs 75.57 lakh from Rs 82.51 lakh.

Other income was Rs 4.22 crore, compared with Rs 2.76 crore in the September 2025 quarter and Rs 4.35 crore in the June 2026 quarter. After a Rs 30.02 lakh other comprehensive loss, total comprehensive loss was Rs 1.29 crore, against a Rs 22.08 crore comprehensive loss a year earlier.

What do Goa Carbon’s first-half results and cash flows show?

Goa Carbon reported a net loss of Rs 7.58 crore for the six months ended September 30, 2026, compared with a Rs 29.36 crore loss in the corresponding 2025 period. Net sales of products increased to Rs 320.59 crore from Rs 301.59 crore, while total income rose to Rs 329.28 crore from Rs 306.20 crore.

The first-half loss before tax narrowed to Rs 7.58 crore from Rs 25.77 crore, although materials consumed increased to Rs 326.16 crore from Rs 270.94 crore. Finished-goods inventory movement was a Rs 41.97 crore reduction for the 2026 half year, compared with a Rs 4.85 crore increase in the earlier period.

Net cash used in operating activities was Rs 184.78 crore in the six months ended September 2026, compared with Rs 29.72 crore used in the prior-year period. The cash-flow statement recorded a Rs 181.43 crore increase in inventories and a Rs 50.95 crore increase in other current assets, partly offset by a Rs 42.11 crore reduction in trade receivables.

How did Goa Carbon’s financial position and cess case change?

Goa Carbon’s total assets were Rs 642.38 crore at September 30, 2026, compared with Rs 370.11 crore at March 31, 2026. Inventory increased to Rs 271.18 crore from Rs 89.74 crore, while trade receivables declined to Rs 86.86 crore from Rs 128.97 crore over the same six-month period.

Total borrowings were Rs 451.01 crore at September 30, including Rs 72.99 crore of non-current borrowings and Rs 378.01 crore of current borrowings. At March 31, 2026, Goa Carbon had Rs 167.40 crore of current borrowings and no non-current borrowings reported in the balance sheet.

Cash and cash equivalents were Rs 61.76 crore at September 30, 2026, up from Rs 39.51 crore at the beginning of the financial year. Bank balances other than cash equivalents were Rs 98.08 crore, while current investments that stood at Rs 21.01 crore on March 31, 2026 were nil at the September reporting date.

Goa Carbon said it had deposited Rs 3.49 crore under protest for financial years 2014-15 through 2024-25, representing 50% of the Goa Green Cess demand raised for that period. The company said the remaining 50% was stayed under Supreme Court directions and that it does not expect a material impact from the matter on its financial results.

Conclusion

Goa Carbon’s September-quarter result showed a substantially narrower loss of Rs 99.65 lakh, supported by product sales of Rs 254.96 crore, compared with a Rs 21.41 crore loss and Rs 102.38 crore of sales a year earlier. The improvement was reported while the Goa and Bilaspur plants were shut for all 92 days of the quarter and the Paradeep plant had no shutdown days.

The next disclosures to watch include changes in inventory of Rs 271.18 crore, total borrowings of Rs 451.01 crore and operating cash flow after the first-half outflow of Rs 184.78 crore. Goa Carbon has also said it will continue filing monthly Goa Green Cess returns and depositing 50% of self-assessed cess under protest while the Supreme Court matter remains unresolved.